Waverly Advisors LLC Invests $3.86 Million in Bank of New York Mellon Corporation $BNY

Key Points

• Waverly Advisors purchased 26,696 shares of BNY in the second quarter, valued at approximately $3.86 million. Institutional investors collectively own 85.31% of the company’s stock.
• BNY reported strong quarterly results, with earnings of $2.46 per share and revenue of $5.70 billion, beating analyst estimates; revenue increased 13.3% year over year.
• The stock opened at $162.71, near its 52-week high of $165.84. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $157.13.

Waverly Advisors LLC purchased a new position in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 26,696 shares of the bank's stock, valued at approximately $3,860,000.

Other large investors also recently bought and sold shares of the company. California State Teachers Retirement System bought a new stake in shares of Bank of New York Mellon during the second quarter worth $22,603,252,000. BlackRock Inc. bought a new position in shares of Bank of New York Mellon in the second quarter worth about $8,321,111,000. Northwestern Mutual Wealth Management Co. increased its stake in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after buying an additional 19,561,793 shares during the period. Bank of America Corp DE purchased a new position in Bank of New York Mellon in the 2nd quarter worth about $2,499,438,000. Finally, Norges Bank bought a new stake in Bank of New York Mellon during the 4th quarter valued at about $1,398,624,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the sale, the vice president directly owned 180,344 shares in the company, valued at $29,331,148.16. This trade represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is owned by corporate insiders.

Bank of New York Mellon Trading Up 0.1%

NYSE BNY opened at $162.71 on Friday. Bank of New York Mellon Corporation has a one year low of $103.11 and a one year high of $165.84. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $110.40 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. The company's 50-day simple moving average is $159.25 and its two-hundred day simple moving average is $141.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same quarter in the prior year, the company earned $1.93 EPS. The company's revenue was up 13.3% compared to the same quarter last year. Equities analysts forecast that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BNY has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Weiss Ratings downgraded shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Erste Group Bank began coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They issued a "buy" rating for the company. Royal Bank Of Canada raised their price objective on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a report on Thursday, July 16th. Finally, Citigroup lifted their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average price target of $157.13.

Bank of New York Mellon Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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